Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 Activities Beginning inventory Sales Purchase Sales Purchase October 5 October 26 Sales Purchase Totals 210 units Units Acquired at Cost @ $10.40 Units Sold at Retail = $ 2,184 170 units @ $40.40 310 units $15.40 = 4,774 270 units $40.40 410 units @$20.40 = 8,364 380 units @$40.40 110 units 1,040 units @ $25.40 2,794 $ 18,116 820 units Hemming uses a periodic Inventory system. (a) Determine the costs assigned to ending Inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending Inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. a) Periodic FIFO Beginning inventory Purchases: Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale # of units sold Cost per unit Cost of Goods Sold # of units in ending inventory Cost per unit Ending Inventory 210 $ 10.40 $ 2,184 210 $ 10.40 $ 2,184 March 14 310 $ 15.40 4,774 July 30 410 $ 20.40 8,364 October 26 110 $ 25.40 2,794 Total 1,040 $ 18,116 210 b) Periodic LIFO 110 $ 25.40 2,794 $ 2,184 110 $ 2,794 Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory # of units Cost per unit Cost of Goods Available for Sale Cost of Goods # of units sold Cost per unit Sold # of units in ending inventory Cost per unit Ending Inventory Beginning inventory 210 $ 10.40 $ 2,184 Purchases: March 14 310 $ 15.40 4,774 July 30 410 $ 20.40 8,364 October 26 110 $ 25.40 2,794 Total 1,040 $ 18,116 0 $ 0 0 $ 0 c) Gross profit FIFO LIFO